NamaWineLake: "Anglo is in breach of the terms of its banking licence"

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NamaWineLake: "Anglo is in breach of the terms of its banking licence"

According to this article in NamaWineLake the Irish Bank Resolution has been in breach of its banking since at least the 30 June 2012.

So let’s get this clear. We have poured €34bn into IBRC including €30bn of promissory notes on which we are scheduled to pay a further €17bn in interest between now and 2031. IBRC has closed it branches, sold most of its deposits and doesn’t take new deposits, doesn’t advance new loans and is simply running down its loan book. It’s dead.

It is supposed to keep its banking licence to continue to obtain loans from the Central Bank secured on its promissory notes. No banking licence means no Central Bank loans. And of course without Central Bank loans, IBRC would collapse tomorrow, its creditors would get paid by whatever assets remained in the bank.

You might have thought that the €663,000-a-year chief executive officer of IBRC and his €500,000-plus a year juniors might have at least have been able to ensure IBRC complied with the terms of its banking licence.

Somewhere up in Cavan this morning, and perhaps in a court room in Dublin 1, there may be eyebrows raised at a bank in breach of its banking licence terms, attempting to hold to account the probity of others. And what on earth is governor of the Central Bank of Ireland, Patrick Honohan doing about breaches that appear to be permitted for at least seven months and are still ongoing"

Again it is Pearse Doherty who is asking the pertinent questions on this debacle and again Baldy is stonewalling. If IBRC is in breach of its banking licence then why is it allowed to continue without resolving the matter? Is the state immune from its laws?

Again it is Pearse Doherty who is asking the pertinent questions on this debacle and again Baldy is stonewalling. If IBRC is in breach of its banking licence then why is it allowed to continue without resolving the matter? Is the state immune from its laws?

Heck no. Look at all the culprits brought to court after the Hep C scandal, the Beef Tribunal report, the Mahon Report, the Morris Tribunal report . . .

Ad nauseam. Ireland spends much of its wealth investigating wrongdoing with the sole purpose of doing nothing about it.

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